Iran chamber of commerce supports increase of USD rate
Azerbaijan, Baku, June 12/Trend/
Iran Chamber of Commerce Industries and Mines supports the decision of Central Bank of Iran (CBİ) to increase USD rate while it urges the CBI to add inflation rate on the USD rate, ISNA reported quoting Deputy of Iran Chamber of Commerce Industries and Mines (ICCM), Houshang Fakher as saying.
"Currently Iran's share of export in national development is less than 10 percent, since the inflation rate and production prices are high we can not stabilize the exchange rates," he said.
The 300 percent inflation rate from past 10 years should be applied on exchange rate, however it should be done gradually, he added.
Iranian official believes the increase of exchange rate only affects to the price of imported base materials not to the additional costs and the increase of exchange rate will improve Iran stock exchange material.
According to Iranian daily Donya-e-Eqtesad the CBI surprising decision of increasing USD and Euro rate up to 11 percent will indicate decline of rial's value towards foreign currencies.
In case the CBI has the sufficient USD supply, it can decide to stabilize or reduce the exchange rate. The Central Bank of Iran increased USD to 10.5 percent and Euro to 11 percent in Wednesday.
The CBI decided to equalize the exchange rate by increasing USD from 10,590 rials to 11,710 rials, the rate of Euro increased from 17,200 rials to 17,180 rials in Wednesday however the increase of USD in independent foreign exchange market reached to 12, 150 rials while Euro traded for 17,500 rials.